FBR extends probe into money laundering in guise of solar panel imports

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday decided to expand the scope of its investigation in response to Rs 3 billion alleged over-invoicing found in the guise of importing solar panels, ARY News reported, citing sources.

Sources claimed that another six companies allegedly over-invoiced Rs3 billion in the import of Rs13 billion worth of solar panels.

Meanwhile, a total of six FIRs have been registered against the companies registered to import solar panels including three companies from Karachi and three from Quetta.

According to the sources, the alleged over-invoicing in the solar panel imports is believed to channel funds towards exchange companies and undisclosed entities.

Sources further claimed that the money laundering investigation will also conduct against the companies found involved in the over-invoicing.

Earlier to this, over Rs 69.5 billion over-invoicing was unearthed in the import of solar panels during 2017-2022.

According to the FBR report, a clear pattern of over-invoicing was revealed on 6,232 Goods Declarations (GDs) from 63 importers and Rs 72 billion was transferred from two private companies however solar panels worth Rs 45 billion were imported.

The Senate standing committee on finance was briefed by chairman FBR on the matter related to over-invoicing.

The commercial banks have violated the financial monitoring unit rules in making the transfer hereby an FIR has been registered against those who are involved.